Designation of Authorized Representatives
- The President may appoint in writing one or more persons to exercise any or all powers granted to the President under this Act.
- Such designation allows delegation in the execution and administration of the guarantee.
Effectivity of the Act
- This law becomes effective immediately upon its approval.
Key Legal Concepts and Provisions
- The guarantee provided by the President is absolute and unconditional, implying full government backing of the loan payments.
- The guarantee’s coverage is capped at the specified monetary limit, restricting government financial exposure.
- The law overrides any other provisions or laws contrary to the authorization given within this Act.
- The specific project targeted is the integrated steel mill, indicating a focused economic development initiative.
Scope and Application
- Applies to loans from the Export-Import Bank of Washington, D.C., or any other international financial institution involved.
- Covers all aspects related to the loan including establishment, management, and operation of the steel plant.
- Exclusive to projects in Iligan City, thereby localizing the investment and industrial development efforts.